Septic Stuff
Well, the house failed its title 5 inspection. Not because there’s necessarily something functionaly wrong with it, but rather, the laws have changed between the time it was installed and now.
So, long storry short, the system is going to need between $10,000 and $20,000 worth of work. The P&S, of course, has a clean title 5 lsited as a prerequesite to completion of the sale, so we’re waiting to see what happens. The current owners are flat broke, so they’re not going to be able to do the repair. And since it’s a short sale, the bank has been involved all throughout the process. So, now we’re waiting to see if the bank will shell out the $$ needed to bring the system up to code.
Basically, no title 5, no sale.
Another wrinkle in the whole thing is that if this deal falls through, the bank is going to be starting fore-closure proceedings on the property. So, if the deal falls through, I could hold out until the house ends up on the auction block, and who knows? I might wind up with the house for even less than I was prepared to pay next week. Granted, the most ideal situation is that the bank shells out the dough, fixes the system, and the sale is executed next Friday ….
*fingers crossed*
July 16th, 2009 at 7:35 pm
*crossing fingers for you*